Currency snapshot (commodity pairs)

Dollar index trading at 94.56 (-0.40%)

Strength meter (today so far) – Aussie +0.44%, Kiwi -0.25%, Loonie -0.18%

Strength meter (since last week) – Aussie +1.93%, Kiwi +1.95%, Loonie +0.47%

AUD/USD –

Trading at 0.769

Trend meter –

• Long term – Range, Medium term – Sell, Short term – Range

Support –

• Long term – 0.683, Medium term – 0.72, Short term – 0.73

Resistance –

• Long term – 0.782, Medium term – 0.765, Short term – 0.765

Economic release today –

• Trade balance for July came at $2.41 billion.

Commentary –

• The Australian dollar remains well bid as it test key resistance area. Active call – Buy AUD/USD at 0.752 and at dip with the stop loss at 0.71 and the target at 0.82

NZD/USD –

Trading at 0.743

Trend meter –

• Long term – Sell, Medium term – Range, Short term – range

Support –

• Long term – 0.66, Medium term – 0.69, Short term – 0.69

Resistance –

• Long term – 0.8, Medium term – 0.76, Short term – 0.73

Economic release today –

• Electronic card retail sales are likely to be released at 22:45 GMT.

Commentary –

• The kiwi has decisively broken above the resistance around 0.73 area and further rise likely. We expect kiwi to rise towards 0.81 area.

 USD/CAD –

Trading at 1.291

Trend meter –

• Long term – sell, Medium term – sell, Short term – Range

Support –

• Long term – 1.248, Medium term – 1.25 , Short term – 1.25

Resistance –

• Long term – 1.34, Medium term – 1.325, Short term – 1.325

Economic release today –

• Building permits grew by 0.8 percent in July.
• New house price index rose by 0.4 percent in July, up 2.8 percent from a week ago.

Commentary –   

• The Canadian dollar remains the weakest performer of the week.